The numbers, that are in step with the wholesome traits witnessed by way of a lot of the final two years, present that customers nonetheless have an urge for food for brand spanking new, feature-loaded vehicles as common value per unit stood at almost Rs 11.5 lakh, towards Rs 10.5 lakh final yr, trade officers advised TOI.
Companies, nonetheless, are cautious about demand going ahead as they anticipate wholesales in November and December to be comparatively subdued because the trade retains a test on stock ranges in direction of the year-end.
“We are thrilled with the numbers, and the industry surely gained as we had higher number of days during this festive period. The record numbers were also enabled by better production as supply woes eased and demand continued to remain strong,” Shashank Srivastava, director (advertising & gross sales) at Maruti Suzuki mentioned.
Srivastava mentioned with SUVs powering a lot of gross sales, the common per automobile realisation for the trade additionally noticed important development. “The average car price in 2023 was a record Rs 11.5 lakh, which helped the industry garner Rs 1.3 lakh crore in revenues. At Maruti, we benefited immensely as we continue to gain in SUVs where we lead the market now,” Srivastava mentioned.
The automobile trade, whereas witnessing a powerful demand curve after Covid curbs began getting lifted from late 2021, had been hit laborious by provide constraints resulting from shortages of semiconductors, restrictions on sure provides from China, and the battle in Ukraine. However, provides have been normalising now, particularly for the mainstream gamers, who’ve additionally opened up new provide channels. “I see the auto Industry ending this calendar year with around 8% growth over last year. Hyundai India will end the year at around 8.5-9% growth, with a strong contribution of about 60% from SUVs,” Tarun Garg, COO at Hyundai India mentioned.
Garg mentioned that the corporate retailed 1.6 lakh autos in the course of the festive interval. “We saw a growth of 9% in festive season and SUVs such as Creta, Venue and the newly-launched Exter saw major traction.” Tata Motors MD Shailesh Chandra mentioned that the corporate noticed a 15% development in the course of the festive interval.
